Dominance Token Transition Notice -Transition of WEMIX Classic | WEMIX Announcement

Dominance Token Transition Notice
-Transition of WEMIX Classic to oWEMIX-

Official WEMIX site announcement:
https://www.wemix.com/communication/9058ec66-e226-4c2a-bf82-6e55da74fb97

Since the launch of WEMIX 3.0 Network on October 20th, 2022, WEMIX has been operating with two native tokens: WEMIX Classic as the native token on the Cypress Chain of Klaytn and WEMIX as the native coin on WEMIX3.0. The bilateral operation involves a ‘Lock and Release’ mechanism, enabling WEMIX Classic tokens and WEMIX coins to be bridged across both networks via the Multichain Bridge. 

However, we have recognized that the exchange mechanism of these two native tokens, managed by accurate yet complex monitoring policies, has caused difficulties for our community and investors, leading to occasional confusion and misunderstandings. 

To address this, the WEMIX team has cooperated with the WONDER8, specifically utilizing their reliable Orbit Bridge, to support bridging through Wrapped WEMIX using the ‘Lock and Mint’ approach, which has demonstrated stable performance and seamless bridging experience between the two networks.

As a result, we have decided to gradually transition WEMIX Classic, supported throughout the Klaytn(WONDER23) ecosystem, into oWEMIX through the Orbit Bridge. This decision aims to;
• resolve the community's confusion caused by the coexistence of WEMIX and WEMIX Classic and,
• to facilitate a more straightforward and accurate management of WEMIX's circulation by adopting a unified monitoring system for WEMIX coins.

The transition procedure of WEMIX Classic to oWEMIX is as follows:
• WEMIX Classic can be converted to oWEMIX at a 1:1 ratio through the KLAYswap, without any additional transaction fees apart from gas fees on the Klaytn network.
• WEMIX can be bridged between the two networks(WEMIX3.0 and Klaytn) through the Orbit Bridge in the form of WEMIX and oWEMIX at any time.
• DApps utilizing WEMIX Classic as a primary liquidity source within the Klaytn ecosystem will be gradually supplied with oWEMIX, and trading incentives will transition from WEMIX Classic to oWEMIX.
• Once the dominance of token circulation on the Klaytn network shifts from WEMIX Classic to oWEMIX, liquidity support for WEMIX Classic will be discontinued and the deposit/withdrawal of WEMIX Classic to supported exchanges will also be discontinued.
• However, WEMIX Classic will still continue to be convertible to oWEMIX.

We will be sharing the procedures and guidelines for the transition of the dominance token within the WEMIX ecosystem and DApp will be communicated through forthcoming announcements. 

We sincerely request the cooperation and support of our community in the process of consolidating and securing WEMIX Coin as the sole utility.

Thank you.

Related links
Klayswap : https://klayswap.com
Orbit Bridge : https://bridge.orbitchain.io